The IRS’ Independent Office of Appeals has released a Focus Guide for fiscal year 2024, highlighting improvements to taxpayer services. Notably, the guide relays the improvements taxpayers can expect over the next year, including digital platforms for communicating...
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IRS Denies 20,000 ERC Credits
The IRS is battling false Employer Retention Credits by denying more than 20,000 claims and by initiating a voluntary program for those who may have received the credit in error and who want to come forward to correct their claim and get into compliance. For full...
The IRS Warns Businesses about Preventing Data Loss
Cyberattacks aimed at stealing taxpayer information are on the rise, so practitioners need to be mindful and affirmatively protect client data. Businesses are encouraged to follow these best practices: Set security software to update automatically. Back up important...
The IRS says Bah Humbug to Tax Scams!
Like every year, the IRS spends one week close to the year’s end to remind taxpayers and practitioners of the latest scams of which to be aware. This year is no different. The 2023 National Tax Security Awareness Week focuses on holiday scams and protecting personal...
IRS Alerts Taxpayers to International and Domestic Scams
Although the IRS commonly provides information regarding domestic scams for which taxpayers should be aware, most recently the IRS has alerted taxpayers to recent international scams of concern. Understanding the “red flags” of these sophisticated scams is crucial. ...
IRS Implements Electronic Responses to Notices
Taxpayers no longer have to wait on hold to discuss an IRS notice or send information by mail. Thanks to improved systems at the IRS, taxpayers can respond electronically which has been quite popular with more than 35,000 responses having been submitted to the IRS...
Clean Vehicle Credit Registration
The IRS announced its free online tool for sellers of clean vehicles to register for time-of-sale reporting and dealer advance payments for the Clean Vehicle Credit. For more information, click here.
IRS Predicts a $688 Billion Increase in the Annual Gap
The Internal Revenue Service released new tax gap projections for tax years 2020 and 2021 showing the projected gross tax gap increased to $688 billion in tax year 2021, a significant increase from previous estimates. The tax gap is the amount of estimated tax due,...
Fraudsters Found Guilty for Billion-Dollar Syndicated Conservation Easement Tax Scam
Two tax shelter promoters were found guilty of conspiracy to commit wire fraud, aiding and assisting the filing of false tax returns and subscribing to false returns, and one was also convicted of money laundering. The defendants, Jack Fisher and James Sinnott,...
Employer Opportunities for New Employee Tax Credits from Targeted Groups
Employers considering hiring workers from one of several qualified categories can receive tax credits as a result of hires that comply with the requirements. The group of candidates can be certain veterans, ex-felons, certain individuals receiving assistance under a...
